Melanie bought a house on 1 September 1992 for 31,000. The house was sold on 31 December
Question:
Melanie bought a house on 1 September 1992 for £31,000. The house was sold on 31 December 2023 for £173,000. Compute the chargeable gain arising in each of the following cases:
(a) Melanie occupied the house as her principal private residence throughout the entire period of ownership.
(b) Melanie occupied the house throughout her period of ownership with the exception of the period between 1 June 1999 and 31 May 2003 when she lived with a friend. During this time the house stood empty.
(c) As (b) except that the house was let as residential accommodation during Melanie's absence.
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